Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA
Watch Time: 4 minutes
Welcome to this week’s Market Drama!
- The S&P 500 was up almost 1%.
- Nasdaq is now up 17% year-to-date.
- The U.S. aggregate bond index was up and is now up 3.6% year-to-date.
- Economic Data:
- Inflation data – The core CPE index came in as expected at 4.6% year-over-year.
- Inflation is coming down sequentially at a slower rate than we’d like.
- GDP data for the first quarter came below expectations at a 1.1% annualized growth rate.
- Housing data came in worse than expected but we saw strong consumption growth at a 3.7% annualized growth rate.
- The first quarter of the 2023 earnings season is more than halfway done.
- We’ve had positive surprises, especially on the sales front.
- 2023 consensus EPS estimates stopped falling.
What to look out for this week:
- The big item to look out for this week is the FOMC.
- The Federal Reserve is meeting Tuesday and Wednesday.
- On Wednesday there’s an 85% probability that they will hike interest rates by 25 basis points.
- On Friday we will see the employment data for April.
Stay tuned for data on this week, next week.
Disclosure: This page is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.
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